Bitcoin Price Evolution Analysis 20.05.2021

by CSM TRADER                                                                                                                

 nº358

 BTC price U$ 39.888.  

BTC price at Braziliex R$ 217.998.

USD/BRL price R$ 5.30.

Price EUR/BRL R$ 6.46.

Price Gold 1g R$ 319.90.

Good morning to all readers.

Bitcoin price follows me trend and bearish below the U$ 42,000 price area and the EMA 100 (H1).

The Bitcoin price in the past few sessions has experienced strong negative corrections after failing to make positive advances above $46,000, where it continued its negative corrections downwards from the $42,000, $40,000, $30,000 price areas and even testing the $29,994 price area.

News reports say it was because China has once again banned Bitcoin and Altoin's trading, so the digital YUAN stands out; we also have the USDT news where they say that less than 3% of the over 58 billion USDT is backed by cash.

And the chart on D1 tells us that, the Bitcoin price failing to advance above $43,000 and thus breaking through the Double Bottom at $42,000 where the sharp corrections came. There were 3 breakout attempts at the EMA 200 (D1) where in the third one the total breakout happened.

https://www.tradingview.com/x/5J8tXdrs/

And so the price of Bitcoin began its negative corrections to below $40,000.

Now at the time of writing the Bitcoin price follows in the U$40,080 price area and tries the positive advances upwards to the EMA 50 (H1).

Bitcoin price follows in strong consolidations above the EMA 20 (H1) a few sessions ago, where it tries the positive advances upwards to the EMA 50 (H1).

If the Bitcoin price succeeds in these advances above the EMA 50 (H1), the odds of advances above $41,500 could happen, but the Bitcoin price will have to hold above the EMA 50 (H1) for the next few sessions to validate the attempts to test above $42,000 and $42,220, and we could still see the Bitcoin price back to $43,500.

If the Bitcoin price fails on these positive advances and with stabilities above the EMA 50 (H1) for the next few sessions; the possibilities of a return of the negative corrections back down to below U$40,000 and U$38,500 could happen again, and still, extend down to below U$37,680 and U$37,220.

A daily close has been made above the $36,650 price area.

For today a good daily close would be above $38,600.

Buyers remain in control of the situation above the BB centerline or even above the $38,800 price area.

Buyers are attempting stability with the Bitcoin price above the EMA 50 (H1), where they are finding it very difficult to hold.

It will take for buyers this stability above the EMA 50 or even above $40,120 for further consolidations to be made above the same, where possibilities for breakouts above $40,500 and $41,000 could arise.

Now; if buyers lose the EMA 50 (H1) there will be a return of the EMA 5 (H1) where, if they lose the EMA 5, sellers could come in strong to control the situation and create the downside of the price areas of $39,500, $39,000 and $38,660.

Only a consolidated buyers' advance above $40,500 and the necessary stabilities above this price area and above the EMA 50 (H1) to get out of a risk area of more downside created by sellers below $39,500.

Follow the buyers in their attempts to keep the Bitcoin price above the 5 and 20 EMA (H1) for the coming sessions.

Bitcoin TODAY at Braziliex: H1

Bitcoin price today on Braziliex follows a downtrend below the R$230,000 price area.

The Bitcoin price on Braziliex has made good positive moves above the R$195,000 and R$200,000 price areas; but it will still require the continuation of the consolidation turns above the R$208,220 price area in order to have the attempts of the positive moves above the R$222,440 and R$226,360 price areas.

If the Bitcoin price on Braziliex fails in these positive advances above the R$226,000, the negative corrections could come back below the R$200,000, and even, go in search of the R$190,000 or even further below this price area.

Follow the buyers at Braziliex in attempts and keep the Bitcoin price above the R$208,500 price area for the next few sessions.

Resistances: R$ 220,130 // R$ 225,260 // R$ 230,818 // R$ 234,808. 

Supports: R$ 217.838/ R$ 212.850 // R$ 208.290 // R$ 205.589.

https://www.tradingview.com/x/iifuJwau

H4 chart:

Bitcoin price follows above the EMA 5, however, it follows below the EMAs 20, 50, 100 and 200 and below the Ichimoku Cloud.

The Bitcoin price needs to continue to hold above the EMA 5 or even above $39,220 for further evolutions and consolidations to move above $40,120 and possible tentative evolutions above $41,000 and $41,220 may emerge.

If the Bitcoin price comes back below the EMA 5, corrections will vote and may gain strength and go below the price areas of $39,500, $38,660 and $38,000.

Sellers continue to control the situation below the BB centerline where they make it as difficult as possible for buyers to move above $40,880 and above the EMA 20.

Buyers continue to attempt positive advances above the $41,000 level.

The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.

Resistances: U$ 40,859 // U$ 42,683 // U$ 44,185 // U$ 46,009.

Supports: U$ 38,660 // U$ 36,729 // U$ 34,691 // U$ 32,867.

https://www.tradingview.com/x/HG8BmP4V/

H1 chart:

Bitcoin price is tracking above the 20, 5 and 50 EMA, and is below the 100 and 200 EMA and a little bit below the Ichimoku Cloud.

The Bitcoin price needs to continue its stabilities and positive moves above the EMA 50 where the next step will be the Ichimoku Cloud.

Bitcoin price will come out on the other side of the Cloud where it will stay above it.

It will be of utmost importance for continued positive developments that buyers continue above the EMA 50 and break through the $41,220 price area.

If buyers fail to move above $41,000 and $41,220 then sellers could take control of the situation and with that they will create the downside of $40,000, $39,500 and $39,660.

Follow the buyers in the attempts of the positive developments above U$ 41,000.

Resistances: U$ 40,800 // U$ 41,518 // U$ 42,286 // U$ 43,226.

Supports: U$ 39,958 // U$ 39,117 // U$ 38,226 // U$ 37,285.

https://www.tradingview.com/x/jLzGLNaT/

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 94 level and with bullish bias.

https://www.tradingview.com/x/rPALyDVw/

MACD: The MACD on BTC's H1 chart time is at the negative -2238 level and with a bullish bias.

https://www.tradingview.com/x/eCUczyzP/

OBV: OBV on BTC's H1 chart time is at the 1.89 level and with small bearish bias.

https://www.tradingview.com/x/O4dwrKoZ/

M5 chart:

Bitcoin price is tracking above the BB center line (red line), above the Ichimoku Cloud and above the VWAP (yellow line).

It will be important for the Bitcoin price to continue its positive developments above the Ichimoku Cloud so as not to return to the heavier negative corrections below it.

If it stays above the Ichimoku Cloud, the chances of a continuation of the positive developments above $41,000 will emerge.

The buyers continue to fight with the sellers in the attempts of positive evolutions above the $41,000 and $41,220 for the next sessions.

https://www.tradingview.com/x/kWQ2bJph/

Dominance 44.56 %

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nº358